Author Topic: Bitcoins  (Read 43984 times)

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Offline Alastair

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Re: Bitcoins
« Reply #30 on: June 20, 2011, 09:30:23 AM »
I didn't get that email, but no doubt I will.

Offline Oblomov

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Re: Bitcoins
« Reply #31 on: June 20, 2011, 09:36:41 AM »
I certainly think in the hurry to set up bitcoin markets, and the sudden interest in Bitcoin since you posted it on here (!) has meant a lot of basic security went out the window.

So there's defintely an opening for a more "Web 2.0" bitcoin exchange.

I'm up for a bit of programming if any other 'consultants' want to get on board?

I gather the hooks and levers to connect websites to the bitcoin cloud aren't too complex.

What about you splodge?


Offline splodge

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Re: Bitcoins
« Reply #32 on: June 20, 2011, 11:09:16 AM »
I certainly think in the hurry to set up bitcoin markets, and the sudden interest in Bitcoin since you posted it on here (!) has meant a lot of basic security went out the window.

So there's defintely an opening for a more "Web 2.0" bitcoin exchange.

I'm up for a bit of programming if any other 'consultants' want to get on board?

I gather the hooks and levers to connect websites to the bitcoin cloud aren't too complex.

What about you splodge?
As soon as I have access to my desk, which should be sometime this week), I'm up for doing something, so, yeah, why not :)
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Offline Alastair

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Re: Bitcoins
« Reply #33 on: June 20, 2011, 07:37:54 PM »
I certainly think in the hurry to set up bitcoin markets, and the sudden interest in Bitcoin since you posted it on here (!) has meant a lot of basic security went out the window.

So there's definitely an opening for a more "Web 2.0" bitcoin exchange.

I'm up for a bit of programming if any other 'consultants' want to get on board?

I gather the hooks and levers to connect websites to the bitcoin cloud aren't too complex.

What about you splodge?

How would you gain people's trust? The punters would have to send you money via bank transfer and who is going to do that? OK, I would because I know you're trustworthy, but no one else would. You could be Russian scammers for all anyone knows.

I use https://britcoin.co.uk/ run by Amir Taaki who has a known track record and represents Bitcoin in the UK. You can see him interviewed on YouTube, just search for his name.

Offline Oblomov

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Re: Bitcoins
« Reply #34 on: June 20, 2011, 08:14:36 PM »
I don't know - but it would be fun to sit down and scratch something out. Can a p2p currency use some form of p2p escrow for example - same principle as bitcoin - ruthlessly secure, but not centrally operated. With safeguards built into the architecture. I don't know, just off the top of my head.

There aren't many new things anymore - it's worth burning some brain on something new that does crop up, if you can. To me bitcoin looks like the p2p filesharing scene when napster first started getting attention back in 2000 & something.

This has the potential to be just as disruptive! :D

Offline Alastair

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Re: Bitcoins
« Reply #35 on: June 20, 2011, 10:02:20 PM »
I think there are escrow exchanges so that might be the way to go to start up. Check out the Bitcoin forum for some ideas - http://forum.bitcoin.org/index.php

I think you're right in comparing Bitcoin to Napster and like Napster I think it will disappear. It's a useful first experiment which will lead to a better P2P currency in the future which may be better accepted and more used as a currency rather than as a commodity, which was what happened to Bitcoins.

I just sold my remaining Bitcoins because I only see their value decreasing after the recent attacks and hacks. I miss them already  :(

Still, I made £310 clear profit on £250 in just a few weeks and I might buy them back when the value stabilises. At the moment it's all a bit too Wild West.

Offline Oblomov

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Re: Bitcoins
« Reply #36 on: June 21, 2011, 12:08:54 AM »
That's not bad for a quick flutter really!

With splodge's new found love of complex numbers, I'm sure a fractal cryptocurrency could have legs. Fractals have some nice properties that might be employed in a similar way to the proof-of-work algorithms in Bitcoin. And you'd get pretty patterns.

I wonder if you could print them?

Offline Alastair

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Re: Bitcoins
« Reply #37 on: June 21, 2011, 12:30:14 AM »
I still like Bitcoins and I hope they have a future. If the wobbles and security issues are sorted out I'll be back in.

Offline splodge

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Re: Bitcoins
« Reply #38 on: June 24, 2011, 05:08:57 PM »
Interesting blog about bitcoin...

http://www.lewrockwell.com/blog/lewrw/archives/89471.html

Quote
There already was a REAL digital currency, e-gold, that was backed by a real commodity until the Federalistas shut it down. Eventually, Bitcoin will be shut down too because of its anonymity capabilities
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Offline Oblomov

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Re: Bitcoins
« Reply #39 on: June 24, 2011, 05:57:12 PM »
But, because of it's distributed, nodal nature I don't think it can be shut down. Every client needs to be shut down for that to happen - or someone jumps onto the cloud with more than double its collected processing power, and starts a forked stack of transaction blocks.

But that in itself wouldn't shut bitcoin down, it would simply become the defacto transaction authority until such a time as its  CPU superiority was trumped.

I'm talking like that is possible, but I don't think it is.

e-gold was backed by a central authority that claimed to have gold in its reserves. It's totally different to bitcoin - which doesn't actually represent anything at all.

Offline splodge

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Re: Bitcoins
« Reply #40 on: June 24, 2011, 06:19:42 PM »
But, because of it's distributed, nodal nature I don't think it can be shut down. Every client needs to be shut down for that to happen - or someone jumps onto the cloud with more than double its collected processing power, and starts a forked stack of transaction blocks.

But that in itself wouldn't shut bitcoin down, it would simply become the defacto transaction authority until such a time as its  CPU superiority was trumped.

I'm talking like that is possible, but I don't think it is.

e-gold was backed by a central authority that claimed to have gold in its reserves. It's totally different to bitcoin - which doesn't actually represent anything at all.
Yeah, that was one of his main points
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Offline Oblomov

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Re: Bitcoins
« Reply #41 on: June 24, 2011, 06:52:16 PM »
It's more of a point in favour of bitcoin I think - it's not like Gold actually represents anything at all - it just is what it is.

the nearest comparison to e-gold would be e-bitcoin - i.e. promissory notes to pay the bearer a certain amount of bitcoin.

But unlike bitcoin, gold can be faked.

Offline Alastair

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Re: Bitcoins
« Reply #42 on: June 24, 2011, 07:22:02 PM »
The problem with Bitcoins is that they're too volatile for anyone to use them as a currency. How would you price something in BTC when the value has varied between $1 and $30 just in the last few months? At the moment Bitcoins are a commodity rather than a currency, and the value of the commodity isn't based on anything in the real world, unlike other commodities such as cocoa or oil.

I see MtGox still hasn't opened since the big hack. No one knows what will happen to the value of Bitcoins when it opens again, but if it drops enough I'll buy mine back.

Offline Oblomov

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Re: Bitcoins
« Reply #43 on: June 24, 2011, 08:57:07 PM »
I agree, at the moment everything about bitcoin is very frothy.

Offline Alastair

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Re: Bitcoins
« Reply #44 on: October 08, 2011, 01:18:09 PM »
They continue their long decline, but I still think that Bitcoins are an idea in search of an application and they may yet be resurrected -

http://bitcoincharts.com/charts/mtgoxUSD#rg150ztgCzm1g10zm2g25